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L’Oréal acquires Aēsop for $3.7bn

Melbourne-based skincare group Aēsop has been sold to L’Oréal in a transaction that one global firm providing advice has called “the biggest deal for a luxury brand in Australian history”.

user iconJerome Doraisamy 17 April 2023 Big Law
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Firm: Baker McKenzie (Natura); MinterEllison, Latham & Watkins (Australian and New Zealand legal advisor to L’Oréal)

Deal: Australian luxury cosmetics brand Aēsop, which is owned by Natura & Co, has been acquired by LOréal for US$2.53 billion ($3.7 billion), in the “biggest deal for a luxury brand in Australian history”, according to Baker McKenzie.

Area: Merger and acquisition


Value: $3.7 billion

Key players: The Bakers team was led by partners John Walker and Lance Sacks, who were supported by Trench Rossi Watanabe Advogados in São Paulo and Davis Polk in London.

The Minters team was led by partners Louella Stone and Siobhan Doherty, who were assisted by lawyers in Australia as well as New Zealand-based MinterEllisonRuddWatts, together with a multidisciplinary team of experts, including corporate, foreign investment, competition, employment, privacy, finance, property and tax.

Deal significance: Speaking about the deal, Mr Walker said: “Baker McKenzie is delighted to have assisted Natura & Co with the sale of this iconic Australian luxury beauty brand.

“Natura & Co’s investment over the last decade has seen Aēsop evolve into a global super brand available across luxury retail, beauty, and hotels and restaurants, operating about 400 points of sale across the Americas, Europe, Australia, New Zealand and Asia.”

Ms Stone noted: “We are delighted to have worked with Latham & Watkins on this landmark acquisition for their global client, L’Oréal, of a homegrown Australian brand icon.”

And Ms Doherty added: “It was fantastic to bring together a high-calibre, multidisciplinary, cross-jurisdictional team of experts to bring this deal to a successful outcome. It demonstrates the depth of experience of the MinterEllison team in executing complex cross-border transactions.”